• XRP coin rose 7.7% to $0.56 on June 13 due to a short-term uptrend and breaking above key technical resistance.
• The Ripple Labs CEO Brad Garlinghouse expects the release of the so-called Hinman documents related to the SEC lawsuit, which could have an effect in court hearings.
• William Hinman’s speech from June 2018 may be used as a defense, but the SEC wants to seal connected documents for fear of creating a precedent questioning a high-ranking official.
XRP Price Increase
XRP coin rose 7.7% to $0.56 on June 13 due to a short-term uptrend and breaking above key technical resistance near $0.542, which has hindered its breakout attempts since early May.
Hinman Documents
The Ripple Labs CEO Brad Garlinghouse is expecting the release of the so-called Hinman documents related to the SEC lawsuit, which could have an effect in court hearings. William Hinman’s speech from June 2018 may be used as a defense, but the SEC wants to seal connected documents for fear of creating a precedent questioning a high-ranking official.
SEC Lawsuit
The US Securities and Exchange Commission (SEC) accused Ripple Labs, CEO Brad Garlinghouse, and former CEO Chris Larsen of fraud citing their “unlawful” sale of $1.3 billion worth of XRP tokens as unregistered securities.
Hinman Speech
William Hinman is the former Director of Corporation Finance Division at SEC who voiced his position on defining digital assets in his June 2018 speech: “Putting aside fundraising that accompanied Ethereum’s creation, based on my understanding of Ether’s present state…current offers and sales are not considered securities transactions.”
Ripple’s Defense
Ripple lawyers aimed to depose Mr. Hinman in order for his testimony before court and use his speech as part of their defense against accusations made by SEC about their unlawful sale of XRP tokens as unregistered securities